Crypto User Loses 90% of Assets Due to Cross-Chain Transaction Issues

A Degen Chain user recently lost a significant portion of their assets, totaling 785,000 DEGEN, during a cross-chain transaction.

The problem arose when converting DEGEN to ETH on the Degen Chain before transferring it to Base and reconverting it to DEGEN. Poor liquidity in the DEGEN/ETH pool caused a large slippage, leading to the loss.

This incident has raised concerns within the crypto community about the security and reliability of cross-chain transactions.

Tempe.degen, the affected user, highlighted issues with the bridge used and the confusing interface, which contributed to the problem. This case underscores the broader issue of liquidity problems in DeFi pools.

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The incident has drawn attention to the need for improvements to prevent such losses and ensure user confidence in the growing crypto market.

In response, the platform took full responsibility and assured affected users of a refund. They acknowledged that such bugs should not occur, especially when dealing with user funds, and promised to address the service issues to prevent future incidents.

The company is committed to making necessary changes to enhance the reliability and security of their services.

Alexander Stefanov